Wait... What!

Photo: CNN

Wait… What! You can now OWN a house for under R20, find out how

In Maenza, a little town in Italy, 100 homes are selling for the equivalent of under R20 to buyers who can commit to renovating them.

Wait... What!

Photo: CNN

You heard right! You can now own a house for under R20, that is, if you can commit to renovating it.


According to report the town has about 100 homes for sale for €1 (some R20 at current exchange rates) that are in need of repairs. 

Maenza is a quaint medieval town full of narrow alleys, cobblestone pathways, and history. The homes were built in the 1700s, and many of them have been abandoned for years.

Claudio Sperduti, the mayor of Maenza, told CNN that Maenza is getting in touch with the families who own the properties to give them up to be sold.

Buyers can renovate the homes into modern residences or turn them into businesses – including retail stores, restaurants, or bed and breakfasts.

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Potential buyers must file how they’d like to renovate the homes and provide a deposit equivalent to around R85,000 upon purchasing, according to the same article. 

The deposit will be returned once renovations are complete, CNN reports.

Sperduti told CNN that the estimated deposit accounts for the homes’ size, as they are all between 50 and 70 square metres each. This estimate includes tax deductions for eco-friendly renovations, according to the same article.

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